HomeMy WebLinkAbout24-1296 INCOMPLETEORDINANCE NO. 24-1296
AN ORDINANCE OF THE CITY OF DENTON, A TEXAS HOME-RULE MUNICIPAL
CORPORATION (THE “CITY”), AUTHORIZING THE CITY MANAGER TO EXECUTE
AMENDMENT NUMBER TWO (2) TO THE LEASE AGREEMENT BETWEEN THE
CITY AND CORE SCIENTIFIC, INC., A DELAWARE CORPORATION; PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City and Core Scientific, Inc. (“Lessee”) entered into that certain Lease
Agreement, effective as of September 3, 2021 (the “Initial Lease”) pursuant to which Lessee
currently leases the Leased Premises (as defined in the Initial Lease) from the City; and
WHEREAS, the City and Core Scientific, Inc. have agreed to terms and conditions to the
second amendment to the Initial Lease (Amendment No. 2) as Exhibit “A“ and incorporated herein
for all purposes; and
WHEREAS, Lessee requested additional leased property to accommodate Lessee’s intent
to construct a High Performance Computing center on the Leased Premises; and
WHEREAS, the City Council further finds that Amendment No. 2 to the Lease is in the
best interest of the customers of Denton Municipal Electric,
NOW, THEREFOR, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The recitations contained in the preamble of this ordinance are incorporated
herein by reference as findings of the City Council.
SECTION 2. The City Council approves and authorizes the City Manager, or their
designee, and City Secretary, or their designee, to execute, attest and deliver, respectively,
Amendment No. 2 to the Lease, attached as Exhibit “A”, with Core Scientific, Inc.
SECTION 3. The City Council approves and authorizes the City Manager, or their
designee, to take such additional actions as the City Manager, or the designee, determines to be
necessary and advisable to continue to effectuate the purpose, terms, and conditions of Amendment
No. 2 to the Lease.
SECTION 4. This ordinance shall become effective immediately upon its passage and
approval.
The motion. to approve this ordinance was made by ial A.I ),.- J and
seconded by J , \ \ Jcb+c/ , the ordinance was passed and approved by
the following vote K - A :
Aye
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Nay Abstain Absent
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Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck. District 2:
Paul Meltzer. District 3 :
Joe Holland. District 4:
Brandon Chase McGee, At Large Place 5 :
Jill Jester, At Large Place 6:
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, 2024.PASSED AND APPROVED this the LOt dayof nb.).S 4
GERARD DE
ATTEST:
LAUREN THODEN, CITY SECRETARY
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APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
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